In the past 8 years in the cryptocurrency world, a forced liquidation experience at a low point remains a nightmare in my investment career.

March 12, 2020. I entered with 5 million, and the price of Bitcoin plummeted from $7,500, halving overnight to $3,700. I invested all my assets, and when I woke up, my assets were zero. Before this, the U.S. stock market and oil had seen a major drop, yet the cryptocurrency market was exceptionally prosperous, with many coins skyrocketing. But the storm on March 12 arrived suddenly, panic spread, and within a week, my low-position leveraged positions were forcibly liquidated, and even close to the bottom, it was too late to recover.

This heavy blow made me realize: "Never use high leverage!" High leverage is an absolute "minefield" that cannot be touched in investing. After that, I stayed away from leveraged contracts, knowing that in this uncertain market, surviving is much more important than making quick money. Black swans can arrive at any time; war, stock market crashes, etc., can trigger severe fluctuations in the cryptocurrency market. It is not unusual for Bitcoin to drop 70-80% in a short period; using leverage easily leads to liquidation and missing subsequent trends. From the perspective of long-term value investing, leverage is the enemy of time and disrupts investment stability.

The March 12 incident gave me a painful lesson. "No leverage" and "don’t do what you don’t understand" have enormous costs in the cryptocurrency world. Just like the lesson learned from the 5 million on March 12, it made me understand many truths. Personal experience is profound; this kind of experience cannot be taught, only realized through market tempering.

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